Global nickel short-term outlook November 2020 Report

Commodity Market Report 30 November 2020

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Report summary

Nickel prices remain at their recent highs helped by news that covid-vaccines are near at hand. However, lower stainless prices in China are undermining nickel demand there and, as mill margins are squeezed, so the likelihood of cuts is increasing. This could moderate nickel prices over the next couple of months. But with ore feed supply declining, Chinese NPI production rates will fall next year, and this will support a price rally from March-April. Initial inoculations and the start of economic recovery should then aid that rally further.

Asia
- China
- India
- Japan
Europe
North America
- USA
Nickel in non-stainless
- Nickel alloys
- Batteries
Africa
Asia
Australia
Latin America

Tables and charts

This report includes 12 images and tables including:

Year-on-year growth in European quarterly stainless melt production
Global nickel mine production/capability (kt)
Global nickel smelter production/capability (kt)

Global finished nickel production/capability (kt)
Nickel stocks and premiums
Global refined nickel supply-demand balance (kt)
Rising Indonesian exports of stainless billet and cold rolled Imports of cold rolled to China
Aircraft deliveries
Quarterly global refined nickel consumption (kt)
Quarterly global stainless steel production (kt raw steel basis)
Global refined nickel consumption (kt)
Global stainless steel production (kt raw steel basis)